Research On Small And Medium-sized Board Listed Company Of Venture Capital Holdings IPO Effect

IPO effect refers to a phenomenon that the listed company’s business performance is obvious decline after the initial public offering. The business performance will seriously affect the interests of investors by obvious fluctuations before and after the IPO, to obstacle the healthy and sustainable development of our capital market. The existing research results all over the world have confirmed that, the IPO effect has actually existed in the developed capital market and the effect of the main board market. But whether this IPO effect has existed in our capital market of the small and medium-sized boards of listed companies or not, remains to be texted. As an important participants in small and medium-sized board market which holding the venture capital investment, to provide support for those small and medium-sized board companies by injecting capital, The participants have played an important role to promote the development of small and medium-sized enterprises, But it may cause a series of problems at the same time. Hence, this study on venture capital holdings of the small and medium-sized boards of listed companies as the research object, to improve the IPO effect is necessary.First of all, this study has summarized and reviewed many research literature s which were associated with the IPO effect, regard the venture capital investment holdings of small and medium-sized board listed company as the research object, to analyzed the characteristics of small and medium-sized board listed company and the mechanism of VC holdings to small and medium-sized board listed company before and after the IPO, choose the small and medium-sized boards of companies which were listed from 2010~2012, including IPOs that year, two years before and after the IPO financial performance as research index, use the method of paired sample t test, to examine IPO effect existence; Then, make use of multivariate regression model to analyze the main reasons of IPO effect; Finally, put forward suggestions to improv ing the IPO effect.The results showed that, IPO effect is widespread exist in venture investment of small and medium-sized board listed company. This IPO effect has a positive correlation with the ownership concentration, company located the geographical and raise the scale, and has a negative correlation with the equity ratio. Supervision organization can use some measures to improve the IPO effect, such as to improvement the internal equity structure, to optimization the venture equity investment market norms, to improvement small and medium-sized boards of listed companies audit and information disclosure mechanism and to strength the supervision of fund-raising so on.